Greenlane, GW Pharma buck negative trend in cannabis sector, posting gains

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Greenlane and Canopy Growth in exclusive distribution deal for Storz & Bickel vapes

U.S. cannabis accessories maker Greenlane Holdings Inc. and Canadian cannabis company Canopy Growth Corp. said Thursday they have entered an exclusive distribution deal for Storz & Bickel Vaporizers. The Tuttlingen, Germany-based Storz & Bickel introduced its volcano product line in 2000 and has continued to upgrade it ever since. The company was acquired by Canopy, the biggest cannabis company in the world by market value, in Dec. 2018. Greenlane, based in Boca Raton, Fla., has been the exclusive U.S. distributor of the vapes since January and will now extend the partnership to Smith Falls, Ontario-based Canopy. Greenlane, which went public on Nasdaq in April, has more than 11,000 retail locations, including licensed cannabis dispensaries and head shops. Greenlane shares soared 6% in premarket trade, while Canopy was up 2.5%. Canopy has gained about 20% in 2019, while the ETFMG Alternative Harvest ETF has gained 14% and the S&P 500 has gained 15%.

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